The aim of this paper is to assess whether internal devaluation is a sufficient measure to improve industrial exports competitiveness. Focusing on the cases of Greece and Portugal, two small open economies, which have recently experienced major corrective policies in the context of Memoranda of Understanding, we aim at explaining the differences observed regarding the growth of industrial exports in the two countries during the period 2000 to date. Our findings point to a number of cost items other than the unit labor cost that have increased the prices of specific categories of goods exports. Over and above that, however, the higher growth of Portuguese manufacturing exports relative to those of Greece may be explained by a variety of structural weaknesses of the Greek economy leading to its inability to retain international market shares and imposing constraints on the domestic industrial base.

中文翻译：

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强调单位劳动力成本是否是有效的促进出口的政策？希腊和葡萄牙之间的比较

本文的目的是评估内部贬值是否足以提高工业出口竞争力。以希腊和葡萄牙为例，这两个小型开放经济体最近在谅解备忘录的背景下经历了重大的整改政策，我们旨在解释观察到的两国在2000年期间工业出口增长之间的差异迄今为止。我们的发现指出，除单位人工成本外，还有许多成本项目提高了特定类别商品出口的价格。除此之外，